Q3 25 EPS
$0.44
BEAT +0.05%
Est. $0.44
Q3 25 Revenue
$676.0M
BEAT +0.76%
Est. $670.9M
vs S&P Since Q3 25
-65.8%
TRAILING MARKET
ZG -58.2% vs S&P +7.6%
Market Reaction
Did ZG Beat Earnings? Q3 2025 Results
Zillow Group posted a clean beat across the board in Q3 2025, reporting earnings per share of $0.44 against a consensus estimate of $0.44 and revenue of $676.00 million, a 16.4% year-over-year gain that edged past the $670.90 million Wall Street expe… Read more Zillow Group posted a clean beat across the board in Q3 2025, reporting earnings per share of $0.44 against a consensus estimate of $0.44 and revenue of $676.00 million, a 16.4% year-over-year gain that edged past the $670.90 million Wall Street expected. The standout driver behind the quarter was the Rentals segment, which surged 41% year over year to $174.00 million, fueled by a 62% jump in multifamily revenue as the number of multifamily properties advertising on the platform climbed 47% to 69,000. Mortgages also impressed, rising 36% to $53.00 million on a 57% spike in purchase loan origination volume. Equally notable was the company's return to GAAP profitability, with net income of $10.00 million representing a 400-basis-point margin improvement from the year-ago period. Adjusted EBITDA reached $165.00 million at a 24% margin. Looking ahead, Zillow guided Q4 revenue to $690.00 million to $705.00 million, with Rentals growth accelerating above 45%, while reaffirming its full-year 2025 target of mid-teens revenue growth and positive GAAP net income.
Key Takeaways
- • 16% year-over-year revenue growth outpacing ~5% industry total transaction value growth
- • For Sale revenue per Total Transaction Value expanded to 10.1 basis points from 9.8 basis points year over year on trailing 12-month basis
- • 57% increase in purchase loan origination volume to $1.3 billion drove Mortgages revenue growth
- • Multifamily revenue grew 62% year over year, driving Rentals segment growth
- • Multifamily properties on platform grew 47% year over year to 69,000
- • Enhanced Markets accounted for 34% of connections, up from 27% last quarter
- • Effective cost management with Adjusted EBITDA expenses growing 13% versus 16% revenue growth
- • Traffic up 7% year over year to 250 million average monthly unique users
ZG YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
ZG Revenue by Segment
With YoY comparisons, source: SEC Filings
“Zillow's Q3 results show how well we're delivering on our mission to make buying, selling, financing and renting easier. What drives our success is that we deliver exceptional consumer and partner experiences, relentlessly innovate with our products, and consistently execute well on our integrated-transaction strategy. Zillow is leading the industry toward a more transparent, consumer-first future.”
— Jeremy Wacksman, Q3 2025 Earnings Press Release
ZG Earnings Trends
ZG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ZG EPS Trend
Earnings per share: estimate vs actual
ZG Revenue Trend
Quarterly revenue: estimate vs actual
ZG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.46 | $0.53 | +15.52% | $708.0M | +0.40% |
| Q4 25 MISS FY | $0.41 | $0.39 | -5.61% | $654.0M | +0.54% |
| FY Full Year | $1.67 | $1.64 | -1.73% | $2.58B | +0.14% |
| Q3 25 BEAT | $0.44 | $0.44 | +0.05% | $676.0M | +0.76% |
| Q2 25 MISS | $0.44 | $0.40 | -9.01% | $655.0M | +1.17% |
| Q1 25 BEAT | $0.37 | $0.41 | +10.81% | $598.0M | +1.51% |